Home>EXCHANGES>Indian Crypto Banks and Exchanges See Massive Growth Amid Rising Covid-19 Crisis: Survey
EXCHANGES

Indian Crypto Banks and Exchanges See Massive Growth Amid Rising Covid-19 Crisis: Survey



The crypto industry in India is experiencing massive growth, according to a new survey of crypto banks and exchanges. Despite the country’s deepening coronavirus crisis, crypto exchanges say trading volumes and the number of signups continue to grow substantially.

India’s Cryptocurrency Trading 2020

Indian media agency Bit2buzz has conducted a survey of local crypto banks and exchanges on the demographics and trading behaviors of India’s crypto industry. The survey aims to understand “trading behaviors of Indians, women representations, and participation, the effect of covid-19 on Indian crypto blockchain entities, and how these crypto and blockchain companies are making waves in India,” the media outlet described.

Participating crypto exchanges included Wazirx, Unocoin, Coindcx, Pocketbits, and Bitbns. Cashaa, Bank of Hodlers, and Oropocket were also surveyed. Most of the respondents “reported major youth [ages 18-35] population using their platforms,” Bit2buzz wrote, adding that Unocoin and Bank of Hodlers “witnessed heavy traffic from the middle-aged group [ages 35 – 50].”

The survey also focuses on women trading and holding cryptocurrency in India. Coinmarketcap recently published a report stating that the number of women in the crypto industry rose by 43.24% in the first quarter. Bit2buzz has gathered India-specific data of female crypto traders.

Indian Crypto Banks and Exchanges See Massive Growth Amid Rising Covid-19 Crisis: Survey
The portion of women crypto investors in India at various crypto exchanges. Source: Bit2buzz

Unocoin revealed to the media outlet that almost 15% of its users are female while Bitbns said 11% and Pocketbits said nearly 2%. The percentages of female users at surveyed crypto banks are significantly higher than at exchanges. Oropocket claims to have over 39% female users, Cashaa 30%, and Bank of Hodlers 5%. Data from Wazirx and Coindcx were not included, the publication noted.

Meanwhile, the coronavirus pandemic has greatly affected the Indian economy. However, while most industries suffer, crypto “companies have seen a massive surge,” the survey shows, reiterating that crypto banks and exchanges “Saw massive growth in trading patterns due to covid-19 pandemic.”

Coindcx CEO Sumit Gupta shared that the daily trading volume on his exchange was around $15 million, adding that growth has continued on his exchange. He pointed out that Indians are highly active during the lockdown as they have a “chance to learn more about the benefits they could accrue with crypto, as well as to learn how to engage in the trading of crypto,” elaborating:

The lockdown due to the covid-19 pandemic meant that Indians spent more time at home, sustaining the national interest and curiosity in cryptocurrencies that was already high due to the favorable supreme court verdict.

Pocketbits CEO Sohail Merchant is seeing the same trend, confirming that both the volumes and overall interest on his exchange have risen due to users having more free time to research and trade. Wazirx CEO Nischal Shetty said trading volume has increased 470% on his exchange and he is seeing a tremendous increase in user signups. Cashaa told the media outlet that it is opening more bank accounts, noting a volume increase of more than 800%. Meanwhile, Unocoin, Bitbns, and Bank of Hodlers claim no major impacts on their platforms resulting from the covid-19 pandemic.

Recently, a rumor about the Indian government reconsidering banning cryptocurrency has swept across the country, but five exchange executives have told news.Bitcoin.com that a ban is unlikely. India is set to significantly increase its crypto market share globally this year. While the government is discussing crypto regulation, the central bank, the Reserve Bank of India (RBI), has confirmed that cryptocurrency is not banned in India.

What do you think about this survey? Let us know in the comments section below.

The post Indian Crypto Banks and Exchanges See Massive Growth Amid Rising Covid-19 Crisis: Survey appeared first on Bitcoin News.

Post source: Indian Crypto Banks and Exchanges See Massive Growth Amid Rising Covid-19 Crisis: Survey

More Bitcoin News and Cryptocurrency News on TheBitcoinNews.com



  • Bitcoin
  • Ethereum
  • Bitcoin cash
  • Litecoin
  • Cardano
  • Dash
  • Stellar
  • Ethereum classic
  • Lisk
  • Tron
  • Neo
  • Qtum
  • Omisego
  • Binance coin
  • Zcash
Scan to Donate Bitcoin to 1J6PGL1oemFb3hxabLygq4WgWx8cbfji1r

Please help us if you can with some Bitcoin

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Ethereum

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Bitcoin cash to qrth4e0g93h3gpxex8ycwuxtsa332tha5qvkmlz0g5

Please help us if you can with some Bitcoin cash

Scan the QR code or copy the address below into your wallet to send some Bitcoin cash

Scan to Donate Litecoin to LTxxjySMDtERJhHYJ99UFW9AamAWTwCAZ4

Please help us if you can with some Litecoin

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Cardano to DdzFFzCqrhsopoZLhbouUwh2NvvWMPeFrXQW9vNNpPKrjKbRGyLRN5joJgCeZ6e1MRHtPHeLffpkNpQs5AdDA8qFCZ4gA9bYtaerNQTk

Please help us if you can with some Cardano

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Dash to XmAdEHrwiVZJVkAxe8hK5U6HZB59L5yhmK

Please help us if you can with some Dash

Scan the QR code or copy the address below into your wallet to send some Dash

Scan to Donate Stellar to GD4KROE42HPOMT7BT6M27HHLFCOSIXPYY2V3WSCX5FYEWRJDIJQ4RWFT

Please help us if you can with some Stellar

Scan the QR code or copy the address below into your wallet to send some Stellar

Scan to Donate Ethereum classic to 0x5BF3fCAC8deA20CF21C9D0D9d058E00EEfc431Ae

Please help us if you can with some Ethereum classic

Scan the QR code or copy the address below into your wallet to send some Ethereum classic

Scan to Donate Lisk to 15642042552518336132L

Please help us if you can with some Lisk

Scan the QR code or copy the address below into your wallet to send some Lisk

Scan to Donate Tron to TYnAenRiV6BsTiE6FVyAcDDxZtBKUQTFxN

Please help us if you can with some Tron

Scan the QR code or copy the address below into your wallet to send some Tron

Scan to Donate Neo to ATiXRHVqYqrNktbxJfcDETfnrSUWSG4cPb

Please help us if you can with some Neo

Scan the QR code or copy the address below into your wallet to send some Neo

Scan to Donate Qtum to QUYXxY6kX7TY2HSLwVYMwFaJNZLwvX5uyp

Please help us if you can with some Qtum

Scan the QR code or copy the address below into your wallet to send some Qtum

Scan to Donate Omisego to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Omisego

Scan the QR code or copy the address below into your wallet to send some Omisego

Scan to Donate Binance coin to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Binance coin

Scan the QR code or copy the address below into your wallet to send some Binance coin

Scan to Donate Zcash to t1cBCyKgSSqWaNrkpvQZUSTuxMmAbbAyFpZ

Please help us if you can with some Zcash

Scan the QR code or copy the address below into your wallet to send some Zcash



Source link

Review Overview

Summary